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Stress tests

National stress test

The stress test conducted at Pensionskassen is primarily intended for obtaining additional information for the analysis of Pensionkassen and to assist in the derivation of measures under supervisory law.

The emphasis is not on the passing of the stress test, but instead should allow the better detection of sensitivities and vulnerabilities and thereby contribute towards identifying potential problems faced by Pensionskassen or the Pensionskassen market as a whole.

The stress scenarios are applied simultaneously to the investment and risk-sharing groups as well as to the Pensionskasse (ie. the respective joint stock company) itself.

EIOPA stress test

EIOPA conducts a stress test every two years for institutions for occupational retirement provision (IORPs) which also includes Austrian Pensionskassen. The stress test focuses on defined benefits (DB) systems and hybrid pension schemes, in which effects of prescribed adverse capital market scenarios are observed. In relation to defined contribution (DC) schemes (that are relevant for Austria), a separate model assessed the effect on specific shocks on future retirement income of representative plan members.

The FMA would like to point out that the stress test results should be interpreted in view of the assumptions made. A comparison of the results of individual countries is only possible to a limited extent in light of respective country-specific circumstances. The occupational pension sector in Europe is very heterogeneous. Employment and social law provisions also vary as well as the tax regulations.